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Utility Theory

Author

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  • Peter C. Fishburn

    (Research Analysis Corporation)

Abstract

Utility theory is interested in people's preferences or values and with assumptions about a person's preferences that enable them to be represented in numerically useful ways. The first two sections of this paper say more about what utility is, why people are interested in it, and how it is interpreted and used in the management and behavioral sciences. The third section summarizes a number of utility theories: it may be used either as a concluding overview of the range and variety of utility theories or as a bridge to the final sections. The final eight sections comprise a semi-technical survey of particular theories for readers interested in greater depth.

Suggested Citation

  • Peter C. Fishburn, 1968. "Utility Theory," Management Science, INFORMS, vol. 14(5), pages 335-378, January.
    • Handle: RePEc:inm:ormnsc:v:14:y:1968:i:5:p:335-378
    DOI: 10.1287/mnsc.14.5.335
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    Cited by:

    1. Neeman Z., 1996. "On determining the importance of attributes with a stopping problem," Mathematical Social Sciences, Elsevier, vol. 31(1), pages 54-54, February.
    2. Tyson, Christopher J., 2013. "Preference symmetries, partial differential equations, and functional forms for utility," Journal of Mathematical Economics, Elsevier, vol. 49(4), pages 266-277.
    3. Angilella, Silvia & Giarlotta, Alfio, 2009. "Implementations of PACMAN," European Journal of Operational Research, Elsevier, vol. 194(2), pages 474-495, April.
    4. Price, Robert R. & Singh, Bhupinder P. & MacKinnon, Robert J. & David Sevougian, S., 2013. "The application of systems engineering principles to the prioritization of sustainable nuclear fuel cycle options," Energy Policy, Elsevier, vol. 53(C), pages 205-217.

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